Cork \& Kerry Co. is currently privately held by three large private equity firms. JPMorganChase's investment banking arm was tasked to sell the equivalent of 5% of the outstanding share of C\&K Co. in an initial public offering, with the PE firms holding the rest of the shares. The IPO price was set a $12.75/ share. At the end of the first day of public trading, the shares of C\&K Co. were priced at $10.50 share. Which of the following statements are correct? Mark all the correct statements. The private equity owners lost a signficant amount of money as a result of the IPO. The initial issue was underpriced. The initial issue was overpriced. The private equity owners reaped significant gains as a result of the IPO